Hammersmith & Fulham (Parliament Politics Magazine) – Hammersmith & Fulham Council invests £400k from public funds into wildflower meadows and bike hangars to boost biodiversity and promote sustainable transport.
In November 2023, Hammersmith and Fulham Council invited locals to participate in the first round of its Green Investment scheme, which promised dependable yearly returns.
The local government has since raised over £2.5 million, and on Monday, June 2, it opened its most recent round with an additional £500,000 goal.
It aims to invest £5 million in total. Hammersmith and Fulham has raised more money for green projects than any other council, according to Cllr Rowan Ree, Cabinet Member for Finance and Reform. This helps the local authority create “a stronger, safer, and kinder borough.”
Residents and companies in Hammersmith and Fulham can pick how much they want to contribute under the program, and that money will be used for a variety of eco-initiatives throughout the borough over a five-year period.
In exchange, clients receive a fixed return that is paid every six months and is set at 4.1% for the most recent tranche.
Additionally, every pound invested will be matched with an extra 50p thanks to an agreement with the Esmée Fairbairn Foundation. The council has contributed £393,250.67 to ten local initiatives since the first round began, and there are dozens more planned.
These include £100,000 for additional bike hangars, of which the borough now has 120; £80,000 for improvements at Eelbrook Common, including new wildflower meadows; and £72,000 for Purcell Crescent’s depaving, greening, and natural drainage.
Greening along Blythe Road and pond restoration in Ravenscourt Park are two more ongoing initiatives that have received up to £25,000 apiece. Funds from the most recent tranche will be used for projects like cargo bike parking areas and new green walls at schools.
There is a danger to those investing in the plan, just like with any other investment. However, according to the council’s website, local governments cannot be declared bankrupt in order to avoid repaying obligations, unlike corporations.
Cllr Ree said:
“We’ve raised more than any other council for vital green projects – and now, we’re back with a new investment opportunity. Our investors can see where their money goes – transformed streets and new green spaces across Hammersmith & Fulham.
This proven track record shows that their money helps improve the local area while earning a fixed return. It’s a rare win-win as we’re making Hammersmith and Fulham a stronger, safer and kinder borough.”
Karl Harder, Co-founder and Director at Abundance Investment, the platform hosting the scheme, said:
“Hammersmith and Fulham Council have been one of the pioneers of this way of funding climate action.
The breadth of projects they have supported – from active travel through to innovative urban drainage and greening – really shows the range of responsibilities councils have to deliver effective climate action in the capital, and the value of engaging the public to help more and more residents understand the benefits of this work.”
How will the wildflower meadows and bike hangars improve local green spaces in Hammersmith & Fulham?
In addition to boosting urban biological richness and halting the loss of native wildflowers, wildflower meadows offer a variety of habitats that sustain pollinators like bees, butterflies, and other species.
These meadows enhance parks and open spaces with seasonal color and natural beauty, making them more appealing and comfortable for both locals and tourists.
By increasing vegetation cover and improving soil health and natural drainage, wildflower meadows help control urban flooding and cool cities.
By offering safe storage, decreasing dependency on automobiles, cutting air pollution, and encouraging healthier lifestyles, the installation of secure bike hangars encourages cycling.
Through the reduction of grey, hard surfaces and the expansion of green infrastructure, both projects help the council achieve its objective of making Hammersmith & Fulham the greenest borough in London.